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EU and Colombia to start trade in August

Staff writer ▼ | July 29, 2013
Trade barriers between the EU and Colombia will be lifted on August 1, 2013. The Agreement will eventually bringing annual savings of more than €500m for companies.
EU Colombia
EU ColombiaTrade barriers between the EU and Colombia will be lifted on August 1, 2013. The Agreement will eventually bringing annual savings of more than €500m for companies.


The improved, more stable conditions for trade and investment are expected to boost trade and investment between the EU and the Andean region. The deal was signed by the EU, Colombia and Peru in June 2012 and will now be applied between all three parties.

"This agreement opens a new chapter in EU-Colombia relations. And I do hope that companies on both sides will take full advantage of the many opportunities the deal offers. Let’s use this trade agreement as a springboard for a closer growth-based relationship between the EU and the Andean region," said EU Commissioner for Trade, Karel De Gucht.

The agreement will open up markets for products traded between the EU, Colombia and Peru. At the end of the transition period, there will be no customs duties at all on industrial and fisheries products and trade in agricultural products will become considerably more open. As a result, exporters could save as much as €500 million annually in tariffs alone.

The main benefit of the new trade regime will come from a more transparent, predictable and enforceable business environment. This is expected to create significant new opportunities for businesses and consumers on both sides. Better conditions for creating business links should lead to more integrated value chains and make it easier to transfer technology.


 

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